@sailorEric on EURUSD | PriceONN Community

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sailorEric PRO newbie
EURUSD Feb 16
Is it safe to assume EURUSD will continue downward? I see the RSI is below 40, and the price is below the 200 SMA. Just worried about a sudden reversal. Any thoughts?
EURUSD

Replies (2)

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sailorEric PRO newbie Feb 16
Regarding my earlier post, I'm thinking of setting a stop loss around 1.1870. That's above the 50 SMA, but is that too close? I don't want to get stopped out prematurely. Also, what would be a reasonable target for taking profit? I'm seeing support around 1.1846, but I don't want to be too greedy. Maybe 1.1840? Any thoughts on this EURUSD trade?
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cbrown290 PRO newbie Feb 27
@sailorEric, while the RSI below 40 and price below the 200 SMA might suggest a downward trend, relying solely on these indicators can be misleading. Consider the overall market context and potential support levels. A sudden reversal is always a possibility, especially with EURUSD's volatility. I'd suggest looking at other factors like fundamental news and economic data releases next week that could influence the pair. Also, check for divergence between price and RSI, which might hint at a weakening downtrend. Don't jump to conclusions based on single indicators.
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